Integrated Social Studies Unit 2 Exam, Part 2 Question Preview (ID: 27682)
Economics Part 2.
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Scarcity of resources forces people to do what?
a) Prioritize their wants and be selective in what they purchase.
b) Starve
c) Fight over resources
d) Bargain over natural resources
Goods and services are produced in better quality, quantity, and speed when they focus on producing few items is what?
a) Interdependence
b) Microeconomics
c) Macroeconomics
d) Specialization
What is an example of interdependence?
a) When the United States depends on South America for sugar cane and cocoa beans.
b) When China sells goods at a cheap price to the world.
c) When Apple releases their newest iPhone.
d) When Apple and Samsung reach an agreement on monopolies.
Why do countries trade?
a) To get goods at a cheaper price.
b) To make a profit.
c) Because they want things that they do not have.
d) When on their own, they do not have the resources, or capacity to satisfy their own needs and wants.
All of the following are advantages of trade EXCEPT:
a) Trade increases competition and lowers prices.
b) Increases employment.
c) Over-specialization
d) Trades technology from different countries.
All of the following are disadvantages of trade EXCEPT:
a) Over-specialization
b) Certain industries do not get a chance to develop due to competition from foreign companies
c) Local businesses can suffer due to cheap goods from foreign companies making the same products but cheaper
d) Breaking down of monopolies
What are two determinants of price?
a) Supply and Demand
b) Manufacturer’s Suggested Retail Price and Store Policy
c) Opportunity and Cost
d) Supply and Wait list
Identify the definition of demand.
a) The total amount of a good or service available for purchase.
b) The willingness and ability of the people within a market area to purchase particular amounts of goods.
c) The price of a product usually pushed towards the level of which the quantity supplied.
d) The cost of whatever one is giving up.
Which of the following is NOT an example of how property creates incentives?
a) Private ownership encourages people to take care of their property.
b) Private ownership encourages people to make the most productive use of their property.
c) Private ownership discourages drug use.
d) Private ownership encourages people to make the most productive use of their property.
Identify which of the following is a United States programs that helps redistribute income.
a) Food stamps
b) Social security
c) Teacher’s Retirement Fund
d) Unemployment assistance
What was created during the Great Depression that was intended to help workers?
a) Social Security
b) New Deal
c) Committee on Depression Support
d) Stimulus Package
What happens when property rights are not clearly defined?
a) Easily overused and can be destroyed
b) It becomes a common resource and is able to provide for all.
c) Everyone shares it equally.
d) No one fights over property.
Identify the difference between being an inventor and an entrepreneur.
a) An inventor creates the product, but an entrepreneur is able to market it and sell it.
b) An entrepreneur invents the product, and an inventor sells the product.
c) An inventor invents products, and an entrepreneur uses it.
d) An inventor designs products, and an entrepreneur creates it.
Which of the following is the definition of entrepreneurial opportunity?
a) A specific innovative way to satisfy a want, overcome a problem, or meet a challenge
b) A way to invest money and become successful
c) A want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative
d) A study of how to use money to create opportunities.
In the documentary on Steve Jobs, which company or invention did he NOT work on or with?
a) Apple
b) Next
c) Pixar
d) Netflix
Identify an example of a short-term goal.
a) Passing this test
b) Getting a car
c) Graduating high school
d) Getting married
What does it mean to be financially responsible?
a) To use money wisely in an effort to create a sustainable lifestyle.
b) To use your money on needs and no wants
c) To use your money on wants and no needs
d) To get out of debt.
Why is it important to create and live on a budget?
a) So you know what you want to do with your life.
b) Because when you turn 18, you have to.
c) So you don’t go bankrupt
d) Allows you to become financially responsible
Haleigh plans on adopting a baby from Uganda after she becomes a doctor. What type of goal is this?
a) Short term
b) Medium term
c) Long Term
d) Bucket list
Why is it important to have good credit?
a) To get a house or a car.
b) To be able to spend more money on credit cards
c) So you can be successful
d) Because if you have bad credit you go to jail.
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